U.S. defense modernization efforts are "failing to keep pace" when compared with its two big adversaries, and American forces are "poorly postured to meet key challenges in Europe and East Asia," according to a starkly worded new report from think-tank Rand.

As tensions with North Korea heighten, Rand's 190-page report, entitled "U.S. Military Capabilities and Forces for a Dangerous World," also discussed war scenarios with NATO-Russia involving the Baltic states. It also broke down a possible U.S.-China clash over Taiwan and gaps in existing U.S. capabilities.

With those factors in mind, the Rand report's authors said that the nation's armed forces are "insufficiently trained and ready" when looking at the active service components. That assessment comes despite the U.S. military presence in several regions of the world, and ongoing anti-terrorism missions and the war in Afghanistan, which is nearing its 20th year.

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